AMD: Avian Securities Repeats "Hate" Rating

Cohen notes that Advanced Micro Devices (AMD) shares have been up in recent weeks on positive news flow about better performance and more competitive product offerings from its ATI division as well as some analyst comments suggesting possible share gains in servers and notebooks due to product delays at Intel.

“While we agree that AMD is likely to improve its product offerings in graphics,” he writes, “we disagree with the view that AMD is likely to gain meaningful shares in servers and notebooks. We are actually more inclined to short AMD on rallies given the new found optimism.”